4 Things Seniors Should Keep in Mind While House Hunting in Minneapolis

Seniors looking to buy a home and enjoy their retirement in a new city should look into Minneapolis. Recent rankings from US News place Minneapolis among the top cities nationwide for retirement. Minneapolis offers big-city amenities like museums and an extensive public transportation system, but also has an approachable Midwestern feel.

Winters in Minneapolis can admittedly be tough, but the city addressed this by creating a series of climate-controlled skyways in the downtown areas to allow people to walk around without facing the winter chill. Spring and summer bring much more comfortable conditions for outdoor activities.

In Minneapolis, retirees can enjoy the Minneapolis Institute of Art with an extensive international art collection, as well as the contemporary Walker Art Center and the Minneapolis Sculpture Garden. Plus, Minneapolis is home to a host of performance venues including Orchestra Hall; the Orpheum Theater, which hosts touring Broadway shows; and the Guthrie Theater with independent productions.

Although a vibrant entertainment scene is definitely important, Minneapolis is also a great choice for seniors who consider their health to be a top of mind concern. According to financial services company Bankrate, Minneapolis ranks first in the US on the list of best places to retire for quality of healthcare, and it also ranks 4th for overall well being.

Ready to start to house-hunting process in Minneapolis? Keep these four tips in mind to help keep the process as smooth as possible:

1. Figure Out Your Budget

The first thing you need to consider when deciding to retire in a new city is your budget. According to Northstar MLS, the median price of homes sold in Minneapolis is $266,000. Even if you can comfortably afford this price range, you need to remember that affording a house requires more than just accounting for the down payment and mortgage. You will need to review your financial situation as a whole to determine if you will be able to manage the cost of buying and owning a new home in Minneapolis for the long haul.

There are a few things you can do to make sure you have a clear picture of what your long term finances will likely look like - including:

• Evaluating your eligibility for Medicare or Medicaid for your present or future health expenses
• Reviewing your 401k or other retirement plans to calculate your expected monthly income after you've stopped working
• Review the property tax situation and other cost of living nuances applicable for Minneapolis

It's important to know that while property taxes in Minneapolis are close to the national average,  the state of Minnesota taxes all forms of retirement income - including Social Security Income, public pensions and private pensions.

2. Research Home Amenities Conducive to Aging in Place

The reality of retirement that seniors need to keep in mind as they search for a new home is that housing and living needs will likely shift as they continue to age. Over time, you may require different living arrangements to accommodate for changing health and mobility needs.

The most effective way to ensure comfortable aging in place is to work with your realtor and target the amenities you'll need in your home based on changing health or mobility needs. Focusing on one-story homes, for example, can help you avoid having to climb stairs to get to your bedroom. Other amenities like wide hallways, no-step entryways, and shower grab bars can also help ensure your home will remain appropriate for you in years to come.

3. Consider Other Senior Living Options in Minneapolis

If you want to stay independent during retirement, but would rather not shoulder the responsibility of managing an entire house, an active adult living community could be the right option for you. These "55-plus" communities offer many amenities - including pools, fitness centers, and transportation options. Living in a retirement community usually requires payment of extra fees, so be sure to discuss these fees with your real estate agent prior to deciding on any given community.

If your needs go beyond just needing assistance with home maintenance, you may want to consider moving into a senior living facility. In Minneapolis, there are many highly rated communities in the immediate metropolitan area and more nearby. These facilities cost an average of $4,600 per month, which covers the cost of assistance with activities of daily living and health management.

4. Find a Reliable Realtor to Work With

As you're searching for the perfect home for our retirement in Minneapolis, it is highly important to work with a reliable realtor. Ask any realtors you're thinking of hiring about their experience or any formal training they've received in helping senior homebuyers in the 50-plus age range. You should also make sure you feel comfortable enough with them to have transparent conversations about what you're looking for in a new home, including budget and timeline.

Counselor Realty is ready to show you just how easy it can be to close on the home you've always wanted for your retirement. No matter your goals or budget, our team can empower you here in Minneapolis. Contact us to find out more.